Hader joined SNL in 2005 and became best known for his "Weekend Update" character Stefon, as well as his impersonations of Al Pacino, James Carville, Julian Assange and many more stars. The comedic actor has also appeared in hit films like Superbad, Forgetting Sarah Marshall and Adventureland.

News of Hader's departure comes shortly after Seth Meyers was named as the new replacement for Jimmy Fallon on Late Night. Meyers will reportedly work on Saturday Night Live until he takes over Late Night next year, where he will continue to work with SNL/Late Night executive producer Lorne Michaels.

"I only have to work for Lorne for five more years before I pay him back for the time I totaled his car," Meyers joked in a statement. "Twelve-thirty on NBC has long been incredible real estate. I hope I can do it justice."

"I think they're making their decisions and we'll know soon enough," Michaels said. "I've said what I wanted to say to both. You never keep anybody there who doesn't want to be there, and there is a right time to leave, but it's more about where they are in their lives."